South Korea’s SK Group implemented its regular annual executive reshuffles, appointing Chey Chang-won, vice chairman at SK Discovery Co., as the new leader for the group’s top advisory body.

According to SK Group on Thursday, the group’s SUPEX Council appointed Chey as the new chair for the council, with a term of two years. Chey is the third son of the late Chey Jong-gun, the group’s founder.

Since joining the group’s management planning office in 1994, he has built a reputation as a planning and financial expert with excellent abilities in business exploration and restructuring. He was appointed as the CEO of SK Discovery in 2017 to lead SK Gas Ltd., SK Chemicals Co., and SK Bioscience Co.

“Group leaders recognized Vice Chairman Chey as a suitable candidate to develop the group’s unique management culture, respecting individual operations at subsidiaries and affiliates centered on their own boards while maintaining unity as a group,” an SK Group official said.

SK Group also announced other executive changes for the year 2024 on Thursday.

Younger executives in their 50s were also appointed, while vice chairmen Cho Dae-sik, Kim Jun, Jang Dong-hyun, and Park Jung-ho stepped down.

SK Siltron Co. Chief Executive Officer Jang Yong-ho and SK Enmove Co. CEO Park Sang-kyu were appointed to head SK Ink. and SK Innovation Co. respectively. Lee Seok-hee, former president of SK Hynix Inc. will now lead SK On Co.

Other SK arms, including SK Energy Co., SK Trading International Co., SK Incheon Petrochem Co., SK Inc. Materials, and SK Nexilis Co., also announced changes in their leadership.

“We are positioning ourselves to proactively respond to changes in the management environment via a generational shift and well-prepared personnel decisions,” the group said, adding that it is looking to provide opportunities to young management by fostering the next generation of CEOs.

SK Group reduced the size of executives in this personnel change to respond agilely to changes in the global market. The number of newly appointed executives this year was 82, down by 63 compared to 2022.

By Chung Seung-hwan and Chang Iou-chung

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]